Said one source: "In conversations we have had, they have let this be known if you read between the lines."

Individual countries' ratings matter for a couple of reasons. If, say, France were to lose its AAA-rating, that could impair the ability of the EFSF to have a AAA rating, and potentially limit its borrowing capacity.

Also there's a political cost to losing your rating, so a politician who presides over a downgrade, would likely experience electoral trouble (again, we're keeping an eye on Sarkozy).

2011 will go down as a year in which the ratings agencies really became a big part of the economic story, since their actions and recommendations played such a big force in politics.

2012 may go down as the year that governments, tired of being bullied, might fight back.